Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
One-line verdict: A genuinely fine business — a toll bridge on the world's freight railroads with a razor-and-blade installed base — but the market has just finished discovering what we've known for years, and at 28 times this year's adjusted earnings after a 60% run, the margin of safety is gone. Wonderful business, premium price. We'd hold it happily; we wouldn't buy it today. This is a business a fellow can understand sitting in a rocking chair, which is exactly how we like them. George Westinghouse invented the railroad air brake in 1869, and 157 years later the company that bears his name still makes the things that make trains go, stop, and behave: locomotives, brakes, couplers, positive train control electronics, and — increasingly — the software and sensors that squeeze more freight through the same steel rails.
Recent filings analysed: 8-K (2026-07-22), 10-Q (2026-07-22), 8-K (2026-05-15), 10-Q (2026-04-22).
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